Power Grid selling Rs600 cr of bonds

Mumbai: Power Grid Corp on Tuesday started selling at least Rs600 crore of bonds, two sources with knowledge of the matter said.

The AAA rated bonds carry a coupon rate of 8.95% and are strippable into tenors of 4 to 15 years.

Another state-run power sector company, Power Finance Corp, also this week started selling at least Rs150 crore of bonds, carrying a coupon rate of 8.95% and strippable into tenors of 5, 10 and 15 years.

Power Grid’s issue, which has an unspecified greenshoe, is scheduled to close on Friday with pay-in scheduled for Monday.